Analyst Note| Denise Molina, CFA |
Narrow-moat Telenor's revenue came in below company-provided consensus, with reported revenue of NOK 30.9 billion, declining 3.9% organically year over year. Despite the revenue decline, adjusted EBITDA stayed flat on an absolute basis as the company cut operating expenses by 7%, mainly personnel, selling and marketing overheads. The company has kept costs under control during 2020, which has resulted in 2% organic growth for EBITDA for the full year. We are maintaining our NOK 159 fair value estimate.